Heating Oil Prices Consolidate

2026-07-02 01:19 By Kyrie Dichosa 1 min. read

US heating oil prices traded around $3.20 per gallon, consolidating near their lowest levels since the Iran war after retracing much of their conflict-driven surge over the previous three months.

Oil shipments through the Strait of Hormuz continued to recover, with crude flows exceeding 10 million barrels per day under US military protection, according to a US official.

The UAE also restored oil exports to pre-war levels through alternative routes, while Iran's crude exports surpassed 40 million barrels after the US lifted its naval blockade.

At the same time, President Donald Trump praised progress in negotiations following a round of indirect talks.

On the data front, distillate stockpiles, which include diesel and heating oil, rose by 2.483 million barrels in the last week of June, compared with expectations for a 0.7 million-barrel decline.

Elsewhere, UK diesel prices posted a record monthly decline in June, further signaling easing pressure across distillate fuel markets.



News Stream
Heating Oil Prices Consolidate
US heating oil prices traded around $3.20 per gallon, consolidating near their lowest levels since the Iran war after retracing much of their conflict-driven surge over the previous three months. Oil shipments through the Strait of Hormuz continued to recover, with crude flows exceeding 10 million barrels per day under US military protection, according to a US official. The UAE also restored oil exports to pre-war levels through alternative routes, while Iran's crude exports surpassed 40 million barrels after the US lifted its naval blockade. At the same time, President Donald Trump praised progress in negotiations following a round of indirect talks. On the data front, distillate stockpiles, which include diesel and heating oil, rose by 2.483 million barrels in the last week of June, compared with expectations for a 0.7 million-barrel decline. Elsewhere, UK diesel prices posted a record monthly decline in June, further signaling easing pressure across distillate fuel markets.
2026-07-02
Heating Oil Prices Slip
US heating oil prices traded around $3.20 per gallon, as markets focused on prospects for US-Iran peace talks, though inconsistent rhetoric from both sides kept uncertainty elevated. Iran’s Deputy Foreign Minister Kazem Gharibabadi also said Tehran would proceed with plans to jointly manage traffic in the Strait of Hormuz “if for any reason Oman is not interested in doing so,” underscoring ongoing disagreements over the key shipping route. Traffic through the strategic waterway eased over the weekend after renewed clashes damaged two vessels, although tanker operators and crews have remained willing to continue transiting the route. Meanwhile, SPR stocks fell by 5.5 million barrels to 325.7 million, the lowest since May 1983, amid ongoing releases to offset post–Iran war supply gaps. For the month, heating oil is heading for a 13% loss and a roughly 20% decline for Q2.
2026-06-30
Heating Oil Prices Rise
US heating oil prices rose above $3.20 per gallon, moving in line with other energy commodities, as markets remained concerned over Middle East oil supplies after the recent exchange of US-Iran strikes. Both sides agreed to suspend further attacks for the time being and allow commercial vessels to transit the Strait of Hormuz freely ahead of peace talks later this week, according to a US official speaking on condition of anonymity. However, markets remained cautious as the latest escalation interrupted the recovery in oil flows through the Strait of Hormuz that had followed an earlier interim agreement. Shipowners also stayed wary of using the chokepoint, leaving hundreds of vessels stranded in the Persian Gulf. Adding to concerns, Israel said it carried out fresh strikes on Iran-backed Hezbollah infrastructure in southern Lebanon. Meanwhile, Saudi Aramco resumed crude loadings at Ras Tanura after a nearly four-month suspension.
2026-06-29